Tax returns will most likely not be accepted until the end of January. However, read and find out how to receive tax refunds at the earliest.
In 2022, the Internal Revenue Service (IRS) began accepting 2021 tax returns on January 24 that year. Therefore, filers may look forward to a similar date this 2023 which will most likely not be until the end of January. Aside from this predicament, important documents like the W-2 will not be accessible yet as well. However, if a filer aims to receive the tax refunds at the earliest, the most basic advice is to file at the earliest possible. The IRS Free File, which is endorsed by IRS itself, can be used for filing tax returns online. Commercialized services like the TurboTax or H&R Block may also help process the tax refunds earlier.
According to Xie, to process the tax refunds earlier, filers must also file online and request for the tax refunds to be received in their bank accounts through direct deposit payments. Filers must also make sure that the tax returns do not contain any inaccurate information to speed up the process. By doing this, most filers will reportedly receive their tax refunds within 21 days.
Tax Refund Advance Services
According to Xie, if the filer wishes to receive the tax refunds even earlier than 21 days, they may also use tax-refund advance services. These services provide short-term loans where filers receive the amount of tax refunds they are expected to receive. The loans will usually be paid by the tax refunds expected to be received. Commercialized services like the H&R Block or Jackson Hewitt also provide loans with a 0% annual percentage rate and without a fee.